How To Manage HMRC Debts
Are your HMRC debts causing you problems?
HMRC can be an aggressive creditor if you do not manage them. In recent years they have become more active in issuing threats to companies for not keeping up with payment plans. However, in the current climate they are taking a more lenient approach given the huge economic problems being faced by businesses from the impact of Covid-19.
You need to act fast and responsibly to deal with this threat to your company.
Communication is key to maintaining creditors and other stakeholders’ confidence. This can be lost rapidly with delay, turning a manageable problem into a full-blown crisis.
If you would like to discuss our services please book your free consultation now!
Here Is What You Can Do:
- Negotiate a time to pay arrangement. You will need to show that the company will be able to pay the debt over the agreed time period. A cashflow forecast is important to back your case and give your creditors and you the confidence of being able to meet your promises. It is also essential to protect you in case the business is or becomes insolvent.
- Put money into the business to settle the debts
- Have a clear and convincing recovery plan that demonstrates how you can continue to trade profitably and generate sufficient positive cashflow to pay off the debts over a realistic period of time
- Another option is to consider an insolvency process to protect the company and you as director from legal action by HMRC or other creditors.
- Different options are available depending on the company’s circumstances such as CVA, Administration, Pre-pack Administration, which can deal with all the debts and creditors legally and in a properly controlled way so that you and the company can draw a line and restart trading in the future, free from the burden of the historic debts.
The key is to act early and secure the help of turnaround experts who are working on your side and can make sure you take the right steps to manage your way out of a potential crisis.
We will discuss these with you during our free consultation.
We will work out the best option for you, with you.
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